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The Oil Market Is Getting More Dangerous

The 4.2% plunge in U.S. oil prices Monday was the latest sign that the dynamics shaping the biggest commodity market have changed since the crude rally began

July 16, 2018 4:15 p.m. ET

The 4.2% plunge in U.S. oil prices Monday was the latest sign that the dynamics shaping the biggest commodity market have changed since the crude rally began.

Last year, two main forces propelled crude higher: an agreement by the Organization of the Petroleum Exporting Countries and its partners to trim production; and robust global growth that helped sop up excess supply from U.S. shale.